NU Online News Service, Dec. 7, 12:16 p.m. EST
Property and casualty carrier employment decreased by 0.2 percent in October compared to September, dropping to the lowest employment level in the last 20 years, according to an Insurance Information Institute (I.I.I.) analysis of Bureau of Labor Statistics (BLS) data.
Carrier employment dropped by 700 in October compared to September, to a total of 461,500, I.I.I. said. Carrier employment was down by 2.5 percent compared to October 2009.
In written comments accompanying I.I.I.'s analysis, Robert Hartwig, I.I.I. president, said that, in some respects, the p&c carrier employment numbers "are to be expected, given the multi-year slide in [net written premiums], and the pressure to reduce expenses to offset the loss of investment income from the low levels of prevailing interest rates."
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